Auckland Council has indentifed a monster money pit in the shape of a $270 million budget shortfall for next year, leading to speculation a 12 percent rates bump could be on the horizon.
It blames rising inflation and interest rates. The blow-out is $180 million higher than the $90 million previously forecast.
The Mayor has signalled a forensic examination of spending and cost cutting is coming.
Deputy Mayor Desley Simpson had this message for the city's ratepayers.
